Index Factsheet

MSCI Japan Index (USD)

The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. With 225
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan.
For a complete description of the index methodology, please see Index methodology - MSCI.

CUMULATIVE INDEX PERFORMANCE — GROSS RETURNS (USD) ANNUAL PERFORMANCE (%)

(JAN 2009 – JAN 2024) MSCI
Year MSCI Japan MSCI World ACWI IMI
600
MSCI Japan 2023 20.77 24.42 22.18
552.97
MSCI World 2022 -16.31 -17.73 -18.00
515.64
MSCI ACWI IMI 2021 2.04 22.35 18.71
2020 14.91 16.50 16.81
400
2019 20.07 28.40 27.04
2018 -12.58 -8.20 -9.61
2017 24.39 23.07 24.58
2016 2.73 8.15 8.96
274.97
2015 9.90 -0.32 -1.68
200
2014 -3.72 5.50 4.36
2013 27.35 27.37 24.17
2012 8.36 16.54 17.04
2011 -14.19 -5.02 -7.43
50 2010 15.59 12.34 14.87
Jan 09 May 10 Jul 11 Oct 12 Jan 14 Apr 15 Jul 16 Oct 17 Jan 19 Apr 20 Jul 21 Oct 22 Jan 24

INDEX PERFORMANCE — GROSS RETURNS (%) (JAN 31, 2024) FUNDAMENTALS (JAN 31, 2024)
ANNUALIZED

1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr MaySince Div Yld (%) P/E P/E Fwd P/BV

31, 1994

MSCI Japan 4.62 18.56 18.96 4.62 2.91 7.01 6.23 2.06 2.07 16.95 15.09 1.49

MSCI World 1.22 16.24 17.59 1.22 8.58 11.95 9.72 8.09 1.90 21.22 17.67 3.14

MSCI ACWI IMI 0.25 15.35 14.06 0.25 6.09 10.34 8.75 7.66 2.03 20.27 16.55 2.65

INDEX RISK AND RETURN CHARACTERISTICS (JAN 31, 2024)

ANNUALIZED STD DEV (%) 2 SHARPE RATIO 2 , 3 MAXIMUM DRAWDOWN
Since
Turnover 3 Yr 5 Yr 10 Yr 3 Yr 5 Yr 10 Yr May 31, (%) Period YYYY-MM-DD
(%) 1 1994

MSCI Japan 3.03 15.54 15.61 13.97 0.11 0.39 0.41 na 62.83 1989-02-28—2003-04-28

MSCI World 2.16 16.96 18.01 14.92 0.44 0.61 0.61 na 57.46 2007-10-31—2009-03-09

MSCI ACWI IMI 2.35 16.61 17.99 14.95 0.30 0.53 0.55 0.39 58.28 2007-10-31—2009-03-09
1 2 3
Last 12 months Based on monthly gross returns data Based on NY FED Overnight SOFR from Sep 1 2021 & on ICE LIBOR 1M prior that date

The MSCI Japan Index was launched on Mar 31, 1986. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed over that time
period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested
-- is no indication or guarantee of future performance.

MSCI Japan Index (USD) | msci.com

JAN 31, 2024 Index Factsheet

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI Japan Float Adj Mkt Index Sector
Number of 225 Cap Wt. (%)
( USD Billions)
Constituents TOYOTA MOTOR CORP 217.64 5.73 Cons Discr
Mkt Cap ( USD Millions)
SONY GROUP CORP 126.78 3.34 Cons Discr
Index 3,800,799.11
MITSUBISHI UFJ FIN GRP 108.98 2.87 Financials
Largest 217,644.78 TOKYO ELECTRON 89.91 2.37 Info Tech
Smallest 1,483.96 KEYENCE CORP 88.62 2.33 Info Tech
Average 16,892.44 HITACHI 74.05 1.95 Industrials
Median 8,445.67 SHIN-ETSU CHEMICAL CO 73.22 1.93 Materials
SUMITOMO MITSUI FINL GRP 66.93 1.76 Financials
MITSUBISHI CORP 60.54 1.59 Industrials
NINTENDO CO 59.06 1.55 Comm Srvcs
Total 965.73 25.41

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURN

MSCI FACTOR BOX MSCI FaCS
UNDERWEIGHT NEUTRAL OVERWEIGHT
VALUE
Relatively Inexpensive Stocks

LOW SIZE
Smaller Companies

MOMENTUM
Rising Stocks

QUALITY
Sound Balance Sheet Stocks

YIELD
Cash Flow Paid Out

LOW VOLATILITY
Lower Risk Stocks

MSCI FaCS provides absolute factor exposures

relative to a
<-1.5 0 +1.5< broad global index - MSCI ACWI IMI.
MSCI Japan MSCI World
Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS
8.15%
7.17%
12.67%
5.61%

4.85%

3.12%
14.88%
1.13%

0.81%

19.42% 22.2%

Industrials 22.2% Consumer Discretionary 19.42% Information Technology 14.88%

Financials 12.67% Health Care 8.15% Communication Services 7.17%

Consumer Staples 5.61% Materials 4.85% Real Estate 3.12% Utilities 1.13%

Energy 0.81%

MSCI Japan Index (USD) | msci.com

JAN 31, 2024 Index Factsheet

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consists
of Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructed
by aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)
from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposures
of funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns over
the long run.

ABOUT MSCI
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decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use
to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI Japan Index (USD) | msci.com